Foreign investment falls short on the Coast

Around $2 billion invested across the country, but none locally.

Around $2 billion invested across the country, but none locally.

MORE than a year after a government taskforce was formed to attract direct foreign investment into regional New Zealand, about $2 billion has been invested across the country, but none of it in the East Coast.

The Investment Attraction Taskforce was set up in October, 2015, and was designed to support a step change in New Zealand’s investment attraction efforts by attracting $60 billion of new productive investment into the New Zealand economy by 2025.

The latest update from the taskforce stated that $2 billion of direct investment had been attracted so far, through 59 separate deals across six sectors.

However, NZTE investment general manager Quentin Quinn said at present there had been no investments into the Gisborne/East Coast region.

“At this stage NZTE is not working on any investment deals in the Gisborne region that can be announced.

“As the Taskforce update makes clear, the first year of the Strategy was about working together with government agencies and regional economic development agencies to identify investment opportunities in each region. In the year ahead, NZTE will be working more closely with regional agencies, and will continue link companies with investors, and investors with investment opportunities, all around New Zealand, including in Gisborne.”

The cross-government taskforce also aimed to attract high-value migrant investors through the creation of two new visa categories that require migrants to invest either a minimum of $1.5m into New Zealand business for four years or a minimum of $10m for three years.

An Immigration New Zealand spokesman yesterday confirmed one investor migrant lived in the East Coast region.

Activate Tairawhiti chief executive Steve Breen said the region provided an attractive investment proposition for a range of investors.

“There is active investment by locals in our region, as well as ongoing discussions with national investors.

“With the likes of the NZTE Investment Taskforce also looking at our region, it highlights that this is an attractive place to invest in. There are some promising opportunities that have real potential to benefit the local economy.”

MORE than a year after a government taskforce was formed to attract direct foreign investment into regional New Zealand, about $2 billion has been invested across the country, but none of it in the East Coast.

The Investment Attraction Taskforce was set up in October, 2015, and was designed to support a step change in New Zealand’s investment attraction efforts by attracting $60 billion of new productive investment into the New Zealand economy by 2025.

The latest update from the taskforce stated that $2 billion of direct investment had been attracted so far, through 59 separate deals across six sectors.

However, NZTE investment general manager Quentin Quinn said at present there had been no investments into the Gisborne/East Coast region.

“At this stage NZTE is not working on any investment deals in the Gisborne region that can be announced.

“As the Taskforce update makes clear, the first year of the Strategy was about working together with government agencies and regional economic development agencies to identify investment opportunities in each region. In the year ahead, NZTE will be working more closely with regional agencies, and will continue link companies with investors, and investors with investment opportunities, all around New Zealand, including in Gisborne.”

The cross-government taskforce also aimed to attract high-value migrant investors through the creation of two new visa categories that require migrants to invest either a minimum of $1.5m into New Zealand business for four years or a minimum of $10m for three years.

An Immigration New Zealand spokesman yesterday confirmed one investor migrant lived in the East Coast region.

Activate Tairawhiti chief executive Steve Breen said the region provided an attractive investment proposition for a range of investors.

“There is active investment by locals in our region, as well as ongoing discussions with national investors.

“With the likes of the NZTE Investment Taskforce also looking at our region, it highlights that this is an attractive place to invest in. There are some promising opportunities that have real potential to benefit the local economy.”

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